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Can anyone share the basics of a private annuity?

There are different types of annunities.

Single Payment Fixed Annunity is as it sounds, you buy fixed payments for your life, joint life or specific time.

Variable annunities, which you to control distributions and may allow control of investments, are generally not a great investment. The link above gives a description of some of the issues: High Commissions, Penalties, Fees, Restrictions and more Fees.
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